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Kuwait and Sinopec to sign USD 9 bln China refinery deal

March 17/2011

(Trend) -- State-run Kuwait Petroleum Corp (KPC) has signed a joint venture deal worth around USD 9 bln to build an oil refinery and petrochemical plant in southern China, Al Arabiya reported according to Reuters. KPC and Sinopec, China's biggest refiner, are equal partners in the project, Kuwait's state news agency said on Wednesday.

Earlier this month, China approved the USD 9 bln joint venture, which will be built in the southern coastal city of Zhanjiang. The project will secure Kuwait, the world's fourth-largest crude exporter, a solid outlet for its oil, ahead of competitors such as Venezuela, Russia and Qatar, all of which are planning refineries in China.

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